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Asset division myths that are not true

On behalf of Palange & Endres, P.C. posted in Property Division on Friday, December 4, 2015.

There are a lot of myths circling around about divorce and asset division that simply are not true. It is important for Pennsylvania residents to be aware of these myths because they can affect your decision-making process when it comes to divorce and cause unexpected and/or negative outcomes.

A lot of spouses think that if they maintain separate bank accounts in marriage, that their ex-spouse will not get any of their money during divorce. This simply is not true. If the money in your account was acquired during the timeframe of the marriage, then it is considered marital property and subject to normal property division laws. If the money was acquired before your marriage, on the other hand, then it could be classified as separate property and be protected from division.

Another myth is that all property acquired prior to marriage will be classifies as separate property and not subjected to division. However, if you put your spouse's name on a property as a co-owner following marriage, then that property will be reclassified as marital property and subjected to asset division. If the property stays in your name, on the other hand, you will have a better chance at being able to keep it.

Another myth that takes people by surprise is that your inheritance money is protected from asset division. However, if you put the money into a jointly owned account then it will become marital property and could be divided. This is why it is important to keep inheritances in your name if you want to keep them in the event of a divorce.

A Pennsylvania property division lawyer can be an invaluable asset prior to and during your divorce. The attorney will be able to dispel any misconceptions you have and help you navigate your divorce and property division proceedings from the beginning to the end of the process.

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